THE FTSE opened at 7,081.03, down 253.95 points or 3.5 percent in what is expected to be another harrowing day for global markets.

8.50am - UPDATE - European rout continues
It's not just the FTSE - European stock markets look like having their worst day since the Brexit vote as the global equity rout continues.
In Germany, the Dax index is down 3.4 percent, while in France the Cac 40 index has fallen 3.2 percent.8.38am - UPDATE - Correction, not a collapse (yet)
The UK’s FTSE 100 gained 7.6 percent last year and many analysts say that this is not yet a crash, but a timely correction.
Yesterday, James Hughes of AxiTrader said: “Stocks look like they are set for a correction of some sorts after huge losses over the last few sessions that has left many bulls worried that the bull run may have come to an end."8.23am - UPDATE - Big fallers
Scottish Mort are the biggest fallers on the day so far.
The investment trust has lost 6.17 percent so far today.8.20am - UPDATE - 7 percent
After hitting its record high in early January, the FTSE 100 has now lost 7 percent of its value so far this year.8.02am - UPDATE - FTSE OPENS DOWN 3.5 percent
Trading starts at the London stock market and the benchmark FTSE 100 index has opened down 253.95 points, or 3.5 percent, at 7,081.03.7.53am - UPDATE - More losses expected
The FTSE is set to open a huge 4.7 percent down according to online trading company IG.
It was a harrowing day's trading for the UK's blue chip firms after more than £27 billion was wiped off the value of London's top-flight index as a sell-off ripped through global markets, culminating with a huge slump in the Dow Jones.
The FTSE 100 lost 1.4 percent as it fell to its lowest level in around two months.
This session was the fifth consecutive day of losses for the index, its longest losing streak since November, in a broad-based sell-off where only a handful of stocks were trading in positive territory.
The Nikkei closed down 4.7 percent
After dipping by 7.1 percent, Japan’s Nikkei 225 index bounced back a tad to finish on -4.7 percent at 21,610.24 points.
In Australia, the ASX200 ended the day down 3.2 percent, with the All Ordinaries was down 3.23 percent.
The Aussies lost A$60 billion from the index.Predictions below: